Dan Stern

Founded in 1993 by Robin Worsnop, Rabbie’s began with him taking small groups of travellers around Scotland in his first 16-seater mini-coach. Today, it has almost 100 luxury vehicles operating small group tours across the UK, alongside exclusive partnerships in Ireland and Europe.

Sales grew to £17m in 2019, with 80% of revenue currently from trips in Scotland. Most recently, Rabbie’s has expanded into Europe with trips in Spain, Portugal, Italy and Switzerland. Sales are rebounding quickly post-Covid and bookings in April 2022 were 25% above April 2019, demonstrating people’s pent-up demand for travel.

Piper’s minority investment will see Mr Worsnop continue to stay on the board as a majority shareholder, alongside the core management team of Hazel Rickett (MD), Heather Reekie (sales & marketing director) and Alec Lee (operations director). They will be joined by Hugo Kimber as chairman, who was previously executive chairman of adventure tours brand Explore.

The investment will help the business maintain its position as the leader in innovative off-the-beaten-track tours that support local communities in the UK and Europe, while driving brand awareness among inbound tourists and domestic travellers wishing to discover more about their own countries.

It is the first investment from Piper’s seventh fund, and second in travel following its £7m investment into Mediterranean villa brand, The Thinking Traveller, in November 2020.

Mr Worsnop said: “We are thrilled to find a partner that shares our values and ambitions for Rabbie’s as we emerge from the Covid pandemic. Piper’s passion for brand, purpose and culture is a perfect match for the Rabbie’s team, and we look forward to making the world a better place through travel together.”

Dan Stern, Piper’s partner, who led the deal, said: “We are very excited to be backing the Rabbie’s team for the next stage of growth. Although the travel industry has been badly hit by Covid, our consumer insight work shows that people are more eager than ever to see new countries and experience new cultures.

“As a brand unrivalled in its satisfaction levels among customers, Rabbie’s is exceptionally placed to benefit from this pent-up demand as we emerge from the pandemic.”

Hugo Kimber, chairman of Rabbie’s, said: “Robin, Hazel, Heather, Alec and the team have built a great business with an incredibly strong brand and culture. I’m really excited about the opportunity to work with Piper who have a proven pedigree in growing brands while keeping the founding values of businesses at their heart.”

Dane Houlahan and Tim Evans provided corporate finance advice to Rabbie’s on the transaction.